Dubai, 29 November 2015: Research commissioned by Friends Provident International has shown that 48 per cent of UAE residents do not currently have life or critical illness insurance plans in place, which leaves them and their families without protection in the event of their death or serious illness.

Of those surveyed, 40% do not have life or critical illness cover and cited cost as the major impediment, saying such plans are too expensive. A further 20% said they do not have cover because it is not required and the remainder said they were unfamiliar with the concept or had other reasons.

The concept of such insurance plans is well understood by those who did purchase them, with 80% of respondents saying they did so to protect their family's future if they were to fall seriously ill or die. 14% bought insurance as cover for a loan or mortgage.

Marcus Gent, Managing Director, Middle East and Africa at FPI said:

"Most expats working in the UAE only have life and/or critical illness cover as part of their employee benefits package, which means they could be left unprotected if they leave their current employer.

It is easy to think that you are indestructible when you are young. However, protection should form a cornerstone of any robust financial planning, especially for an expat professional worker. I would therefore encourage all expats to speak with a financial adviser with a view to arranging their own-life and critical illness cover and to ensure they have comprehensive personal protection regardless of their employee benefits."

Another interesting statistic shows that almost half of Asian expats (48%) are likely to choose an insurance provider based on advice received from their friends and family compared to their Western counterparts, who are more likely to be influenced by professional advice, with 20% of them saying they sought adviser recommendation.

Asian expats also cited price (33%) and brand (25%) as more significant factors than their Western expats (17% and 22%, respectively) when considering protection plans.

More respondents currently have health insurance, than they do life insurance and critical illness cover - however, this could be set to change. Dubai's government recently mandated that responsibility for health insurance cover rests with companies and it is for them to arrange cover on behalf of their employees. This could mean that money previously used for health insurance plans could now be redirected towards other insurance plans.

Marcus Gent commented:

"Health insurance is vitally important, and all residents should have some form of health coverage. I applaud the governments' decision to make it mandatory for companies to arrange this on behalf of their employees.

This should mean that people who have not previously enjoyed the benefit of healthcare from their employers will have more disposable income and they should consider carefully how they will use it. Instead of spending it all on luxuries, I would encourage people to consider saving at least some of the money they would otherwise have used to pay for healthcare; and to make sure they have appropriate life and critical illness cover in place to protect their future and that of their loved ones."

-Ends-

Survey conducted by YouGov between 27 May and 4 June 2015. 

Results based on information gathered from 500 UAE based respondents

Journalists requiring further information should contact:
Mustapha Al Tayech
Hill +Knowlton Strategies
mustapha.altayech@hkstrategies.com 
+9714 334 4930

Tim Hughes
Brand, Marketing and Communications Manager
Friends Provident International
tim.hughes@fpinternational.com 
+9714 436 2883

Felicity Goodwin
Senior Media Relations Manager
Friends Provident International
felicity.goodwin@friendslife.co.uk 
(t)   +44 (0)1306 871 843
(m) +44 (0)7468 743 246

About Friends Provident International
Friends Provident International (FPI) provides life assurance and investment products in Asia, the United Arab Emirates - and other selected markets - and is part of the Aviva Group.

We have over 35 years' international experience, offices in Hong Kong, Singapore, the United Arab Emirates and the Isle of Man, and more than 500 staff worldwide.

See www.fpinternational.com for further information on Friends Provident International.

About Aviva
• Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide

• In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index. 

• Aviva's asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £245 billion in assets.

• Aviva helps people save for the future and manage the risks of everyday life; we paid out £24.6 billion in benefits and claims in 2014.

• By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.

• The Aviva media centre at www.aviva.com/media/ includes company information, images, and a news release archive.

• For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us/aviva/

• For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/

• Follow us on twitter: www.twitter.com/avivaplc/

* Before the deduction of Aviva and Friends Life overlapping customers.

IMPORTANT INFORMATION

Friends Provident International is a trading name of Friends Provident International Limited and Aviva Group PLC (for business conducted outside the United Kingdom).

Friends Provident International Limited

Registered and Head Office: Royal Court, Castletown, Isle of Man, British Isles, IM9 1RA.

Incorporated company limited by shares. Registered in the Isle of Man, number 11494.

Authorised by the Isle of Man Insurance and Pensions Authority.

Provider of life assurance and investment products.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the

Prudential Regulation Authority.

Authorised by the Office of the Commissioner of Insurance to conduct long-term insurance business in Hong Kong.

Registered in the United Arab Emirates as an Insurance Company (Registration No. 76).

Registered with the Ministry of Economy as a foreign company (Registration No. 2013): Registration date 19 April 2007.

Authorised by the United Arab Emirates Insurance Authority to conduct life assurance and funds accumulation operations.

Registered in Singapore No. F06835G.

Licensed by the Monetary Authority of Singapore to conduct life insurance business in Singapore.

Friends Provident International is a registered trade mark of the Aviva Group.

© Press Release 2015